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Figure 3.2 Map of Benue State CENTRAL BANK OF NIGERIA AND AGRICULTURAL DEVELOPMENT IN BENUE STATE, 1978 – 2015 BY TERHILE THADDEUS ITYONZUGHUL BSU/HIS/Ph.D/14/2048 B.A. HONS, (BSU), M.A. (BSU), & PGDE (UDUSOK) A THESIS SUBMITTED TO THE POSTGRADUATE SCHOOL, BENUE STATE UNIVERSITY, MAKURDI, NIGERIA, IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF DOCTOR OF PHILOSOPHY DEGREE (Ph.D) IN HISTORY. MAY, 2019 i DECLARATION I hereby declare that this thesis is a product of my research efforts undertaken under the supervision of Professor Toryina Ayati Varvar and Professor John Ebute Agaba and has not been presented elsewhere. All sources used in the work have been duly acknowledged by endnotes and quotation marks. ………………………… Terhile Thaddeus Ityonzughul BSU/HIS/Ph.D/14/2048 ii CERTIFICATION We certify that this thesis titled, “Central Bank of Nigeria and Agricultural Development in Benue State, 1978 – 2015” has been presented by Terhile Thaddeus Ityonzughul of the Department of History, Faculty of Arts, Benue State University, Makurdi, and has been approved by the undersigned examiners. 1st Supervisor Head of Department Professor Toryina Ayati Varvar Professor Saawua Gabriel Nyityo Sign…………………………… Sign………………………….. Date: ………………………….. Date: ……………………… 2nd Supervisor Professor John Ebute Agaba ……………………………….. Date:…………………………... Having met the stipulated requirements, the thesis has been accepted by the Postgraduate School. ……………………………. Professor Toryina Ayati Varvar Dean, Postgraduate School Date:……………………….. iii DEDICATION This study is heartily dedicated to God Almighty, the author of human knowledge and wisdom. iv ACKNOWLEDGEMENTS I would like to express my unreserved appreciation to several persons who contributed immensely to the final outcome of this thesis. First, I owe my first supervisor Professor, Toryina Ayati Varvar, a great debt of appreciation for his timeless support and encouragement from the beginning to the end of this work. He considered me as his son and treated me as such. Apart from reading this thesis and offering invaluable suggestions at different levels in the course of its preparation, he equally assisted me financially. More importantly, he allowed me access to his personal library, which motivated me to work harder. In no small measure, I acknowledge with gratitude, the intellectual support given to me by my second supervisor, Professor John Ebute Agaba. He also read this work critically and offered useful suggestions which saved the work from avoidable errors. Despite his tight schedule as the then Head of Department, Professor Agaba was up and doing to make sure that we work harder and graduate in good time. My hearty thanks also goes to Professor Mike Odugbo Odey, my internal reader for showing interest in this study. He meticulously read twice the manuscripts, constructively criticised the weak links and gave me direction. His thought-provoking inputs refined my ideas which in turn improved the quality of this thesis. My warm and special appreciation also goes to Professor S. G. Nyityo, the Head of Department and all other P.G. Lecturers in the Department of History particularly Professor S. I. Okita, Professor Y. A. Ochefu, and Professor A. M. Adejo. I am also grateful to Dr V. Iyanya, Dr S. I. Ugbegili (P.G. Coordinator), Dr E.C. Ayangaor, Dr. T. T. Dzeka, Dr M. Kpoghul and Dr C. S. Orngu. Apart from bringing various suggestions to this work, these lecturers motivated me by asking frequently the status of my work; this enhanced the pace of this work. I also appreciate very sincerely Dr. D. M. Igba and Dr. E. S. Okla for assisting me v with some relevant materials for writing this work. My appreciation also goes to Dr. E. T. Ikpanor and all the staff of the Department. In undertaking this noble assignment, Dr. P. I. Ukase of the Department of History and International Studies, Kogi State University, Anyigba, has shown me a lot of libraries to visit in the course of sourcing for materials for writing of this thesis and this has enhanced the pace of my work. Dr. E. I. Yecho of the Department of History and Strategic Studies, Federal University, Dutsin-Ma, Katsina State, I must appreciate your words of encouragement and financial assistance especially in the course of carrying out my field work. I also sincerely acknowledge other lecturers in the Faculty of Arts, particularly the Dean, Professor S.D. Shishima, Dr. Moses T.Tsenongo, Mr. Za-Ayem Agye, Dr. P.S. Bagu, Dr. M. Ajima, Dr. Chris Ukande, Dr. Abel Iya, Mr.Isaac S.Yongo, and my friend Dr Joshua Agbo. I must not forget to acknowledge the contributions of the staff members of the Central Bank of Nigeria for facilitating my data collection. These are S. A. Ama, G. Onyike, I. Gbaja, T. A. Zubawu. In the like manner, I acknowledge the Chief Liberian, Akperan Orshi College of Agriculture and Mr. Jasper, who vividly helped to search the library resources to facilitate my study. Similarly, I appreciate library staff of ABU, Zaria especially Mrs. F. Kudi (Department of Agricultural Economics and Rural Sociology) and Mr. S. Yahaya (Kashim Ibrahim Library). This acknowledgement will not be complete without acknowledging the families of Hon. Atoo Chia, Msondu Tyough, Yanfa Abanger, Ihongo Abanger, Pastor Uneneh, Pastor S.T. Ker, Pastor (Dr) E. Hanior, Takerada Usange, Tyoapine Anshila, Tor O. Adzembe (especially Tor O.R. Adzembe who assisted in printing of this work), Daniel Hir, G. Nyiamshima, S. Tsavsar, V. Agwa, O. Alagh, W. Ada, H. Ufum, I. Kase, T. Alakpa, D.D. Anyam, Mrs Mbachaga and C. E.Jonah. To all my Ph.D classmates I thank you all. I again thank my Sweetheart- my fiancée Mummy Presh for inspiration and forbearance vi TABLE OF CONTENTS Fly Leaf Title Page i Declaration ii Certification iii Dedication iv Acknowledgements v Table of Contents vii List of Figures xi List of Tables xii List of Acronyms xiii Glossary of Vernacular Words xviii Abstract xx CHAPTER ONE: GENERAL INTRODUCTION 1.1 Background to the Study 1 1.2 Statement of the Research Problem 5 1.3 Aim and Objectives of the Study 6 1.4 Justification and Significance of the Study 7 1.5 Scope and Limitation of the Study 8 1.6 Research Methodology 9 1.7 Conclusion 12 Endnotes 13 vii CHAPTER TWO: REVIEW OF RELATED LITERATURE, CONCEPTUAL CLARIFICATIONS AND THEORETICAL FRAMEWORK 2.1 Introduction 15 2.2. Related Literature on Africa 16 2.3 Related Literature on Nigeria 21 2.4 Related Literature on Benue State 38 2.5 Conceptual Clarifications 47 2.6 Theoretical Framework 55 2.6.1 High Input Pay-Off Theory 56 2.6.2 Financial-Led Growth Theory 57 2.7 Conclusion 58 Endnotes 59 CHAPTER THREE: AGRICULTURAL DEVELOPMENT PROGRAMMES IN BENUE AREAS, 1967 – 2015 3.1 Introduction 66 3.2 Agricultural Development Programmes under Benue-Plateau, 1967-1976 66 3.2.1 Benue-Plateau State Ministry of Agriculture 66 3.2.2 Food Production Programme 67 3.2.3 Tractor Hiring Services 68 3.2.4 Forest Reserves 69 3.2.5 Livestock Farms 70 3.3 History and Geography of Benue State, 1976-2015 72 3.4 People of Benue State 78 3.5 Benue State Agricultural Development Programmes 81 viii 3.5.1 Ministry of Agricultural and Natural Resources 84 3.5.2 Agricultural Development Corporation (ADC) 85 3.5.3 Benue Agricultural and Rural Development Authority (BNARDA) 87 3.5.4 Benue Tractor Hiring Agency (BENTHA) 88 3.6 Conclusion 91 Endnotes 92 CHAPTER FOUR: ESTABLISHMENT OF THE CENTRAL BANK OF NIGERIA AGRICULTURAL INTERVENTION SCHEMES IN BENUE STATE, 1978-2015 4.1 Introduction 96 4.2 The Establishment of the Central Bank of Nigeria 1958 96 4.3 Objectives and Functions of the Central Bank of Nigeria 102 4.4 Channels Adopted by the Central Bank of Nigeria for Agricultural Development in Benue State 106 4.4.1 Agricultural Credit Guarantee Scheme Fund (ACGSF) 1977 107 4.4.1.1 Self Help Groups (SHGs) Linkage Programme 115 4.4.1.2 The Trust Fund Model (TFM) 122 4.4.1.3 Interest Drawback Programme (IDP) 128 4.4.2 Rural Banking Scheme 1977 131 4.4.2.1 Peoples’ Bank of Nigeria (PBN) 1989-1991 133 4.4.2.2 Community Bank 1990-2004 (Microfinance Bank) 2005-2015 141 4.4.2.3 Nigerian Agricultural Cooperatives and Rural Development Bank (NACRDB) 152 2000-2010 (Bank of Agriculture-BOA) 2010-2015 147 4.5 Conclusion 159 Endnotes 161 ix CHAPTER FIVE: COMMERCIAL AGRICULTURAL CREDIT SCHEME IN BENUE STATE, 2009 – 2015 5.1 Introduction 171 5.2 Agro-Allied Industries and Commercial Agricultural Credit Scheme (CACS) 171 5.2.1 Hule and Sons Nigeria Limited (Oil Division) Wannune, 1996 173 5.2.2 Teragro Commodities Limited Makurdi, 2003 182 5.2.3 Mikap (Rice) Nigeria Limited, 2011 188 5.3 Conclusion 196 Endnotes 198 CHAPTER SIX: IMPACT, CHALLENGES AND PROSPECTS OF CENTRAL BANK OF NIGERIA AGRICULTURAL INTERVENTION SCHEMES IN BENUE STATE 6.1 Introduction 202 6.2 Impact of Central Bank of Nigeria in Agricultural Development in Benue State 202 6.3 Challenges of Central Bank of Nigeria in Agricultural Development in Benue State 216 6.4 State of Agriculture in Benue State up to 2015 220 6.5 Prospects of Agricultural Development in Benue State 225 6.6 Conclusion 226 Endnotes 228 CHAPTER SEVEN: SUMMARY, CONCLUSION AND CONTRIBUTIONS TO KNOWLEDGE 7.1 Summary and Conclusion 231 7.2 Contribution to Knowledge 238 Bibliography 240 Appendices 255 x LIST OF MAPS AND FIGURES Map 1 Map of Nigeria showing Benue State 74 Map 2 Map of Benue State 75 Figure 4.1 Central Bank of Nigeria Abuja, Headquarters 100 Figure 4.2 Organisational Chart of the Central Bank of Nigeria 105 Figure 5.1 Hule and Sons Nigeria Ltd (Oil Mill Division, Wannune) 175 Figure 5.2 A Processing Machine Procured from India in 2012 175 Figure
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